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®: CRE Regulatory Action of the Week

OCC Comments on Internet Gambling Proposal

The Office of the Comptroller of the Currency submitted comments on a proposed rule to implement the Unlawful Internet Gambling Act (UIGEA). OCC's comments on the joint Treasury-Federal Reserve NPRM expressed support for limiting the regulatory burden on banks. Specifically, "OCC supports the goal of implementing the Act in a manner that serves the underlying statutory purposes while not imposing an undue regulatory burden on national banks."

With respect to regulation of cross-border transactions, OCC stated, "it is important that the effectiveness of these controls justifies the regulatory burden involved." Moreover, the agency noted that it "is unclear whether these generally applicable requirements are realistic or are likely to be effective in all cases."

  • Click here for OCC Comments on UIGEA NPRM
  • Click here for CRE Comments on UIGEA NPRM